May Jobs Report: 217,000 Jobs Added; Unemployment Rate 6.3 Percent

The U.S. jbsDepartment of Labor (Bureau of Labor Statistics) reported today that the U.S. economy added 217,000 non-farm payroll jobs in May, lower than the forecast of 235,000 from briefing.com, while the U.S. unemployment rate was unchanged at 6.3 percent following a 0.4 percent decline in April.

Over the past year, non-farm payroll job growth has averaged 197,000 jobs per month.

The job revision for April went from 288,00 to 282,000 while March’s job number was unchanged at 203,000.

The labor force participation rate in May remained unchanged at 62.8 percent which is the same level from March of 1978.

Average workweek hours was also unchanged at 34.5 hours.

Average hourly earnings for all non-farm employees rose by .5 cents to $24.38.

Over the past year, average hourly earnings has risen by 2.1 percent.

Professional and business services added 55,000 jobs in May, matching its monthly average for the year.

The healthcare industry added 34,000 jobs in May which is double its monthly average for the year.

Leisure and hospitality saw job increases of 32,000 in May.

-Johnathan Schweitzer

 

 

 

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